“I’m still of the view you want to be overweight energy, but just a little less than you were,” Doll told CNBC. “If you’ve been fortunate enough to win there, take a little bit of money off the table. But if I didn’t own them, I would purchase them here.”

In addition to energy stocks, Doll is also in favor of industrials, techs and cyclicals.

“I want to own some names like Alcoa in materials, Applied Materials in the tech space...and energy such as Murphy and Conoco and Marathon —that should be the center of one’s portfolio,” he said.

“I would not ignore domestic cyclicals such as Comcast* in the media area and Limited in the retail space," he added. “These are names that in a decent economy, should continue to do well.”